Let’s face it — many people hold a negative view of Colorado Hard Money Lenders. But is that reputation well-earned or unfair? Let’s take a look.
First things first. What exactly is hard money? Hard money is money that’s lent by private investors operating outside the traditional banking system. Among other things, hard money can be used to fund a fix-and-flip, pay for a renovation, or purchase a rental property. Borrowers put up property as collateral — either a current property or the one they intend to purchase — to secure the loan. If things go south, the investor has the collateral to back up the loan.
Colorado Hard Money Lenders may have gotten a bad reputation over the years because of a few unscrupulous individuals who took advantage of the fact that they work outside the system. In the past, some would offer loans with terms that made it virtually impossible for the borrower to pay the loan back. Thankfully, these predatory practices are very much a thing of the past, especially after the housing debacle of 2008 that launched the recession.
These days, lenders in the hard money business are there to help fund people’s real estate dreams. They’re here to offer a more personal touch and give people who’ve been turned down by the banks a chance at redemption.
Advantages and Disadvantages of Colorado Hard Money Loans
Colorado Hard Money Loans offer a range of advantages and disadvantages compared to traditional bank loans. Their interest rates are often much higher and can be anywhere from seven to 15 percent. Their terms are also much shorter; usually around one year. However, they are also much easier to qualify for. Private investors are much more interested in your plans and the property than your credit score and past history. Colorado Hard Money Loans are also much, much faster than bank loans. With a bank loan, there are countless hoops to jump through and tons of red tape to deal with. With hard money, you can get approved in a day or two and have funds in as little as a week or two. That a distinct advantage when it comes to jumping on a real estate opportunity.
Getting a Colorado Hard Money Loan Today
Looking for a hard money lender in Colorado? You’re already int he right place. We guarantee the best rates in the area and we offer flexible terms to fit almost any investment opportunity. Give us a call today and let’s talk about your dreams!
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis Dahlberg Broker/RI/CEO
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.